CanWest Global Closes On Bond Offering

July 16, 2007 at 5:44 AM (PT)

CANADA-based international media company CANWEST GLOBAL COMMUNICATIONS has closed on its C$429 million bond offering. The subordinated 9.25% notes will mature in AUGUST 2015 and the company will use the proceeds as part of a move to replace an existing C$1.3 billion short term loan from the BANK OF NOVA SCOTIA with a new CITI and BNS C$1.015 billion secured facility and the proceeds from the bond offering, alongside a C$75 million unsecured facility.

CANWEST owns two stations in CANADA pending sale to CORUS plus the construction permit for CHAL/HALIFAX, two "ORIGINAL 106" stations in the UK, and the RADIOWORKS chain of radio stations in NEW ZEALAND, along with CANADA's GLOBAL TELEVISION NETWORK, the E! (formerly CH) TV stations in five Canadian markets, the NATIONAL POST and several of CANADA's largest local papers, and other TV, print, Internet, and cable interests in CANADA and NEW ZEALAND. It is in the process of buying the Canadian cable network interests of ALLIANCE ATLANTIS.